CORPORATE  FINANCE

Development of the instrumental base of the financial analysis of the company’s business activity
Plaskova N.S., doctor of economic science, professor, Вasic chair of Financial Control, Analysis and Audit of the Main Control Department of Moscow, Plekhanov Russian University of Economics, е-mail: plaskova@rambler.ru
SPIN-code: 7485-1384; ORCID: 0000-0002-5520-1016; Researcher ID: AAE-1694-2021;
Scopus ID: 57203824133; РИНЦ Author ID: 501809

Annotation. The article highlights the development of financial analysis methods used to evaluate aggregated indicators of business activity and business performance. Refined calculation algorithms and specified sources of information are presented for the formation of the necessary list of analytical indicators in order to obtain an objective retrospective and forecast vision of their levels and dynamics by the management and managers of the enterprise, as well as external stakeholders. The use of the developed algorithms for calculating analytical indicators contributes to improving the quality of financial information disclosure in the analytical explanatory part of corporate reporting, information transparency of the results of the organization’s activities, strengthening its image in the business community and increasing investment attractiveness.
Keywords: financial analysis, business activity of the organization, methods of financial analysis, performance indicators, information sources of analysis.

References
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2. Efimova O.V. Finansovyj analiz: sovremennyj instrumentarij dlya prinyatiya ekonomicheskih reshenij / O.V. Efimova. – 3-e izd., ispr. i dop. – M.: Izd-vo «Omega-L», 2010. – 351 s.
3. Kogdenko V.G. Integrirovannaya otchetnost’: voprosy formirovaniya i analiza / V.G. Kogdenko, M.V. Mel’nik // Mezhdunarodnyj buhgalterskij uchet. – 2017. – № 10 (304). – S. 2–13.
4. Chaya V.T. Buhgalterskij uchet v procedurah analiza rentabel’nosti aktivov i sobstvennogo kapitala predpriyatiya po razrabotke gazokondensatnyh mestorozhdenij / V.T. Chaya, A.A. Muzychenko // Vse dlya buhgaltera. – 2009. – № 8 (236). – S. 17–19.
5. Prikaz Minfina Rossii ot 02.07.2010 № 66n (red. ot 19.04.2019) «O formah buhgalterskoj otchetnosti organizacij» [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_103394/(data obrashcheniya: 10.08.2021).
6. Prikaz Minfina Rossii ot 28.08.2014 № 84n (red. ot 27.11.2020) «Ob utverzhdenii Poryadka opredeleniya stoimosti chistyh aktivov» [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_169895/(data obrashcheniya: 10.08.2021).
7. Araslanov T.N. Analiz putej povysheniya effektivnosti deyatel’nosti servisnyh predpriyatij na osnove modeli Dupont / T.N. Araslanov // Mezhdunarodnyj nauchno-issledovatel’skij zhurnal. – 2016. – № 9. – S. 15–18.
8. Sheremet A.D. Metodika finansovogo analiza deyatel’nosti kommercheskih organizacij / A.D. Mel’nik, E.V. Negashev. – 2-e izd., pererab. i dop. – M.: INFRA-M, 2021. – 207 s.
9. Savickaya G.V. Ekonomicheskaya sushchnost’ oborotnogo kapitala kak ob»ekta buhgalterskogo ucheta i analiza / G.V. Savickaya, E.A. Gudkova // Mezhdunarodnyj buhgalterskij uchet. – 2019. – T. 22. – № 7 (457). – S. 828–842.

Assessment of the impact of non-tax payments on the company’s value
Gordienko M.S., Associate Professor, Department of Financial Management, Russian University of Economics named after G.V. Plekhanov, Moscow, Stremyanny per., 36, e-mail: gordienkomikhail@yandex.ru
SPIN-code: 1984-3020; RSCI ID: 833491; ORCID: 0000-0001-9980-9771
Prokofieva T.A., Master’s student of the Faculty of Finance, Russian University of Economics named after G.V. Plekhanov, Moscow, Stremyanny per., 36, e-mail: prokofievareu@gmail.com

Annotation. The article discusses the impact of the growing number of uncodified non-tax payments on the value of a company within the framework of the Value Based Management concept. The object of the study is the value of the company PJSC «MTS», the subject of the study is the value of the company’s economic added value, taking into account the factor of non-tax payments. The authors carried out a theoretical review of the concept aimed at creating a company’s value, analyzed the existing indicators for calculating the company’s value added, and also assessed the impact of the factor of non-tax payments on the value of MTS PJSC based on reports for 2014–2019. In the conclusion of the study, conclusions are drawn about the magnitude of restraining the growth of the company’s value in the period under review due to the influence of the factor of non-tax payments.
Keywords:  financial management, company value, non-tax payments, parafiscalities, Value Based Management.

References
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4.  Ivashkovskaya I.V. Ekonomicheskaya dobavlennaya stoimost’. Koncepcii. Podhody. Instrumenty // Korporativnye finansy. – 2014. – № 8 (14).
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11. Voskanyan R.O., Ordov K.V. Uchet upravlencheskoj gibkosti pri ocenke stoimosti kompanii // Ekonomika i upravlenie: problemy, resheniya. – 2016. – T. 1. – № 8. – S. 165–170.

Improving the management of agricultural organizations current assets
Trach D.М., Assoc.Prof., PhD, Head of Department of Management Shevchenco State University, Rybnitsa branch, Rybnitsa, Republic of Moldova, e-mail: dtrach.72@mail.ru
SPIN-code: 7764-0771; ORCID: 0000-0002-6575-5725; Research ID: AAR-8181-2021;
Author ID: 1090001

Annotation. The economic freedom of business entities, the unpredictability of the external environment, the imbalance of management powers between the business itself and government agencies requires a significant improvement in the quality of decisions which are made. This task can be solved only on the basis of a systematic analysis of financial statements, both at the level of the enterprises themselves and at the level of government bodies. An important role in this regard belongs to the quality of current assets management, which provides increased requirements for analysis as a basis for the development and decision-making along the entire vertical of management of economic processes. The article raises the question about the necessity of improving the methods of working capital management, as the most important tool for managing the financial condition of agricultural organizations.
Keywords: Economic independence; cost accounting; analysis of financial statements; current assets; financial cycle; financial stability; the real value coefficient of industrial property; sources of working capital formation; liquidity ratio, net working capital.

References
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6. Nauchnye osnovy menedzhmenta / D.M. Trach. – Rybnica: Rybnickii filial PGU, 2019 (OAO «Rybnickaya tipografiya»). – S. 209–229.

Analysis of bosch’s financial activities in the russian market in comparison with industry-wide values
Leonova O.G., Ph. D. of economics, associate Professor of the department of applied Economics Saint Petersburg Electrotechnical University «LETI», e-mail: olga-global@yandex.ru
SPIN-code: 7277-2405; ORCID: 0000-0002-7910-6259; РИНЦ Author ID: 822350

Annotation. The article conducted an applied study of the Russian market of household appliances by nomenclature groups refrigerators and washing machines for household purposes for the period from 2012–2020, used information from Rosstat, the Federal Tax Service of Russia and open sources of the Internet. The representative office of the foreign concern BSH Home Appliances Group, which is part of the Bosch Group, was chosen as the object of analytical research. The subject of business analysis is the company’s activities in the Russian market. The choice of the subject of the study is due to the unprofitable activity of the legal entity over the past 10 years and the company’s market share.
Keywords: financial analysis, coefficient analysis, industry analysis, household appliances market, Bosch company, refrigerator market, washing machine market.

References
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Optimization of insurance protection in purpose of elimination of threats to economic security the branch «russian railways»  cmpany
Barchukov A.V., Doctor of economic sciences, professor of Finance and Accounting department Far Eastern State Transport University (Khabarovsk), e-mail: barchukov_alex@mail.ru
SPIN-code: 8824-2545; Author ID: 269561; ORCID: 0000-0003-4664-3768
Tishenko A.E., graduate direction 38.05.01 «Economic security» (specialty) Institute of Economics of Far Eastern State Transport University (Khabarovsk), e-mail: anka.tischenko@mail.ru

Annotation. In the process of research, it was determined that the branch «Russian railways» company does not insure technical risks associated with the occurrence of economic losses due to downtime and delayed trains, and in this regard, insurance companies were analyzed that insure technical risks in the territory of the branch’s economic activities and SPAO «RESO-Garantia» was selected. A list assessing the can be transferred to self-insurance has been compiled for choosing real estate is low probability of an insured event, which is confirmed by statistical information from past periods and the fact that the amount of compensated damage for property insurance in 2020 was 2,6 times lower than the amount declared to the insurance company. Using the Houston method, a comparative assessment was carried out at the research object (a branch Russian railway) and the feasibility of implementing a technical risk insurance program and advantage of self-insurance program compared to a property insurance program was confirmed.
Keywords: railway transport, branch Russian railway company, insurance coverage, insurance of technical risk, self-insurance of property, Houston’s method.

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INVESTMENTS AND BUSINESS

The main directions of investment policy development in Russia
Maimakova L.V., Candidate of Economic Sciences, Associate Professor of the Department «Economics and Organization of Production», Kazan State Power Engineering University, Kazan, e-mail: ludmilam80@mail.ru
SPIN-code: 9109-7027
Miftakhova A.D., Master’s degree student, direction «Strategic management and organization management», «Kazan State Power Engineering University», e-mail: mis.miftahova@yandex.ru

Annotation.  This article examines the investment policy of enterprises in Russia, gives an assessment of its current state. The financial investments of organizations are considered; the factors limiting investment activity in the Russian Federation are evaluated, and the dynamics of foreign direct investment in the country’s economy is analyzed. Based on the results of the assessment, the article draws conclusions about the state of the investment climate in Russia.
Keywords: investments, investment policy, financial investments, foreign investments, investment structure.

References
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2. Elektronnyj sajt Federal’noj sluzhby gosudarstvennoj statistiki [Elektronnyj resurs]. URL: rosstat.gov.ru/storage/mediabank/c0y5bpMt/tab_inv-vf.htm (data obrashcheniya: 01.07.2021).
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4. Elektronnyj sajt Federal’noj sluzhby gosudarstvennoj statistiki [Elektronnyj resurs]. URL: rosstat.gov.ru/storage/mediabank/met-inv-reg.rar (data obrashcheniya: 02.07.2021).
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6. Federal’nyj zakon ot 09.07.1999 № 160-FZ (s izm. ot 31.05.2018) «Ob inostrannyh investiciyah v Rossijskoj Federacii».
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Aspects of financing investment and innovation projects of companies
Zhang Zengqiang, post-graduate, the basic department of international law, finance and economics of China, Plekhanov Russian University of Economic, Russia, Moscow, e-mail: zhangzq9407@gmail.com
Bolvachev A.I., Doctor of Economics, Professor, Director of the ONC «Finance», Plekhanov Russian University of Economics, e-mail: bolvachev.AI@rea.ru
SPIN-code: 1080-9379; AuthorID: 277485; ORCID ID: 0000-0001-7537-6756

Annotation: The article reveals the main components and institutions for the implementation of investment projects of companies, discusses the problematic issues of investing at the company level, which presents which management should adhere to several principles. The stages of the formation of the directions of the company’s investment policy are separately considered and described in detail. The institutional framework for financing innovative investment projects made it possible to confirm the hypothesis that innovative activity plays a fundamental role in maximizing the profit of an organization. The illustrated trends in the development of the investment market segment make it possible to orient the investor (customer) towards securitization transactions for public-private partnership projects.
Keywords:  Innovation activity, sources of financing, investment project, public-private partnership.

References
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

The state and directions of development of lending to small and medium-sized businesses in the context of economic instability
Dolgova S.A., candidate of economic Sciences, associate Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Middle management Institute-branch, e-mail: s_a_dolgova@mail.ru
SPIN-code: 3107-2236; ORCID: 0000-0003-1084-7291; Researcher ID: AAE-3471-2020
Polyanin A.V., doctor of economic Sciences, Professor of management and public administration, Federal State Educational Institution of Higher Education «Russian Presidential Academy of National Economy and Public Administration» Middle management Institute-branch, e-mail: polyanin.andrei@yandex.ru
SPIN-code: 2220-5096; Author ID: 657947; Scopus ID: 57195757060;
ORCID: 0000-0003-1158-6898; Researcher ID: B-5704-2017
Kulakova L.I., candidate of economic Sciences, associate Professor of economics and management, of the Far Eastern Branch of the «All-Russian Academy of Foreign Trade of the Ministry of Economic Development of the Russian Federation», e-mail: polyanin.andrei@yandex.ru
SPIN-code: 2501-8951; Author ID: 859627; ORCID: 0000-0003-4130-5954

Annotation. The slowdown in economic activity caused by the COVID-19 outbreak and the related emergency measures taken to overcome the crisis have led to serious difficulties for SMEs (small and medium-sized enterprises) in meeting their financial obligations. The impact of the pandemic on small and medium-sized enterprises is especially noticeable due to their higher level of vulnerability and lower financial stability. To support representatives of SMEs (small and medium-sized businesses), the Government of the Russian Federation initiated assistance programs to provide them with credit funds through the banking system, which opened up companies ‘ access to debt financing and reduced its cost, which is especially important during crisis periods, such as the current situation. In this regard, there is a need to assess the steps taken to determine further measures to support such an important segment of the national economy as SMEs.
Keywords: small and medium-sized businesses, support mechanisms, concessional lending programs, the economic crisis, the quality of the loan portfolio, debt restructuring, the level of default.

References
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BOOKKEEPING AND REPORTING

Inventory of commodity and material values as a tool for auditing financial statements
Altukhova N.V., Ph D, certified auditor, associate professor of Department of Economics, Lomonosov Moscow State University, Sevastopol Branch, Sevastopol, Russia, e-mail: nnaa1606@mail.ru
SPIN-code: 6617-0991; ORCID: 0000-0002-6558-6167; РИНЦ Author ID: 795589
Kulinich I.N., Ph D, associate professor of Department of Economics, Lomonosov Moscow State University, Sevastopol Branch, Sevastopol, Russia, e-mail: kulinich.ir.n@gmail.com
SPIN-code: 4842-1476; ORCID: 0000-0002-4760-0324 ; РИНЦ Author ID: 798838

Annotation. The article examines the items inventory at the audited enterprise as a way of assessing the internal risks by the auditor and as a basis for forming the auditor’s professional opinion regarding the presence of material misstatements in the financial statements. The difference between the purposes of inventory for accounting and auditing is emphasized. The stages of the analysis by the auditor of the methodology and practice of the inventory during the performance of the audit engagement are studied.
Keywords: Audit, inventory of inventory items, risk of material misstatements, stages of risk assessment, goals and objectives of inventory.

References
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13. Mezhdunarodnyj standart audita 610 «Ispol’zovanie raboty vnutrennih auditorov» // Oficial’nyj sajt Minfina Rossii [Elektronnyj resurs]. URL: minfin.gov.ru/ru/document/?id_4=116604-mezh dunarodnyi_standart_audita_610_peresmotrennyi_2013_g._ispolzovanie_raboty_vnutrennikh_auditorov (data obrashcheniya: 05.07.2021).
14. Mezhdunarodnyj standart audita 240 «Obyazannosti auditora v otnoshenii nedobrosovestnyh dejstvij pri provedenii audita finansovoj otchetnosti» // Oficial’nyj sajt Minfina Rossii [Elektronnyj resurs]. URL: minfin.gov.ru/ru/perfomance/audit/standarts/international/documents/?id_65=116577-mezhdunarodnyi_standart_audita_240_obyazannosti_auditora_v_otnoshenii_nedobrosovestnykh_
deistvii_pri_provedenii_audita_finansovoi_o (data obrashcheniya: 05.07.2021).

ACTUAL THEME

The current state of state regulation of the availability of digital financial services in the Russian Federation
Levkina E.V., Candidate of Economic Sciences, Associate Professor of the Department of Enterprise Economics, Far Eastern Federal University, e-mail: a553330@mail.ru
SPIN-code: 3607-2397; Author ID: 723305; Scopus ID: 57200571457;
ORCID: 0000-0001-7764-251X; Researcher ID: N-7317-2017
Bukhtiiarova A.Yu., economist-trainee of LLC «ETNO», e-mail: buhtiyarovan@bk.ru

Annotation. In modern conditions, the development of the economy is inextricably linked with the penetration of various digital technologies into the daily life of mankind. Public participation in the use of financial services and increasing access to them is seen as one of the fundamental challenges in the development of the financial sector in both developing and developed countries. The introduction of digital financial technologies provides users with expanded access to various types of financial services, as it allows them to solve the problem of uneven services for different categories of the population (urban residents, rural residents and people with disabilities) in countries with uneven banking infrastructure. Progressive digital tools have objective prospects for development, but at the same time they raise many questions.
Mobile phones (smartphones) and the Internet have created new opportunities and prospects for providing financial services to the population. For example, relatively simple text-based mobile phones allow people to use mobile money accounts, and smartphone technology provides a convenient means to make transactions from their account with a financial institution in everyday life. But people’s ability to use digital financial services like these depends on their access to the necessary technology. How many people around the world have a mobile phone (smartphone) and have access to the Internet? How is the implementation and access of digital financial services regulated?
Keywords: digitalization, digital economy, financial services, financial market, government regulation, availability of digital financial services, financial technologies, infrastructure, cyber threats, cyber risks, Internet.

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